S 8: ACCOUNTING FOR INVESTMENT IN ASSOCIATE (10 MARKS) SYDNEY Ltd acquired a 40% interest in PERTH Ltd for $ 100,000 on 1 July 2019. The equity of PERTH Ltd at the acquisition date was: Share capital $ 200,000 Retained earnings $ 50,000 $250,000 All the identifiable assets and liabilities of PERTH Ltd. were recorded at fair value. Profits and dividends for the years ended 30 June 2020 to 2021 were as follows: Q8 Required: Year Profit for the year $ Dividends paid $ 2020 80,000 30,000 2021 40,000 10,000 account for SYDNEY Itd's interest in the associated, PERTH Ltd. for final year QUESTIONS 8: ACCOUNTING FOR INVESTMENT IN ASSOCIATE (10 MARKS) SYDNEY Ltd acquired a 40% interest in PERTH Ltd for $ 100,000 on 1 July 2019. The equity of PERTH Ltd at the acquisition date was: Share capital $ 200,000 Retained earnings $ 50,000 $250,000 All the identifiable assets and liabilities of PERTH Ltd. were recorded at fair value. Profits and dividends for the years ended 30 June 2020 to 2021 were as follows: Year Profit for the year $ Dividends paid $ 2020 80,000 30,000 2021 40,000 10,000 Q8 Required: Prepare the consolidation worksheet entries to account for SYDNEY Ltd's interest in the associated, PERTH Ltd. for final year ended 30 June 2020 and 2021. (Notes: SYDNEY Ltd is a parent company.)